UK Exports to Switzerland, China and South Korea Grow

Switzerland, China and South Korea are among the U.K.’s fastest growing export partners, according to researchers.

The U.K.’s fastest growing markets are, in descending order, Switzerland, China, Saudi Arabia, Hong Kong and South Korea, with U.K. exports to these five countries worth $71 billion last year, a study by Wyelands Bank and Global Trade Review, published Monday, stated.

The report predicted that the export growth rate to Switzerland and China was 3.6 percent a year through to 2021 and could reach 2.9 percent to Saudi Arabia in the same period.

Export growth to Hong Kong and South Korea, meanwhile, could reach around 1.2 percent per year to 2021, the research showed.

“The projected growth means that these markets could generate an extra $2.1 billion a year for U.K. exports,” the report commissioned by Wyelands Bank, which was set up to help the U.K.’s small and medium-sized businesses grow, said.

At a time when the U.K. is negotiating its future trade relationship with the European Union (EU) as it prepares to leave the 28-country economic and political bloc, focus is being placed on whether the U.K. could stay in some sort of customs union.

Downing Street has ruled out such membership, preferring to be able to negotiate free trade deals with the rest of the world, but the majority of members in the upper house of the U.K.’s parliament, the House of Lords, have voted against that, forcing a debate on the issue.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza